[ BUSINESS BRIEFS ]

Staff writer, with agencies

As of that month, Taiwanese banks in Shanghai had extended loans of 1.91 billion yuan, primarily to the manufacturing industry, according to the regulator.

The latest figures were released after China’s banking regulator gave the go-ahead for the Shanghai branches of Taiwan-based Cathay United Bank (國泰世華銀行) and First Commercial Bank (第一銀行) to conduct yuan-denominated operations for all businesses in China, except for Chinese citizens. Previously, the banks had only been allowed to conduct yuan deposits, loans and remittances for Taiwanese businesses in China.